June 26, 2020
Erasing student loan debt, one dollar at a time
As student loan debt soars to a record $1.6 trillion, millions of Americans are delaying life milestones.
Student loan debt has become the second highest consumer-debt category in America, surpassed only by mortgage debt. Among the 45 million Americans who carry student loans, many are delaying milestones such as buying a house, getting married, and starting a family.
ChangEd is an app that lets users pay off student loans faster, saving them thousands of dollars in interest fees. By rounding up purchases to the nearest dollar and putting that money toward repaying student loans, they help borrowers make additional, budget-friendly payments. That gives them more financial freedom to spend on the things that matter most.
“We’re helping people pay back loans in a way that’s budget-friendly and doesn’t necessarily force borrowers to change their day-to-day behavior,” explained ChangEd Co-Founder Nick Sky.
In addition to rounding up purchases, ChangEd allows users to track their loan repayment progress, make extra payments on demand, and offer loved ones the opportunity to contribute to their loans. For those functionalities, they rely on Plaid.